The 1,495-square-foot unit features “spectacular city views facing South, East and N/W,” with floor-to-ceiling windows, two full bathrooms and a designated parking space in the garage.

And having been first reduced to $2.575 million after a few weeks on the market, and then to $2.449 million last month, the resale of 201 Folsom Street #31C has now closed escrow with a contract price of $2.36 million, representing depreciation of 0.8 percent since the first quarter of last year with a tenant in place paying $8,500 a month and monthly HOA dues of $1,160 for those running the numbers at home.

Michael, are you assuming an all-cash purchase? If financed at 50% down that would add another $4k of debt servicing (just interest, not factoring principal repayment here). That leaves a meager $1k/month

I was going to say that it’s all about signalling (It’s a luxury building), but then when you read the listing you see it has an on-site gym, swimming pool, multiple common areas with high-end finishes that require regular maintenance to maintain their appearance and a doorperson. Given all of that $1,160/mo is actually reasonable.

A nice very modern pied-a-terre, relatively large, but too small for a primary residence of a person who can afford this price. It would be interesting to know the demographics of people who buy in this building.